There Are Five Hundred Buyers in the Market for Cheese

question 6

Multiple Choice

There are five hundred buyers in the market for cheese. If we know each individual's demand curves, to find the market demand we must

• A) add the prices that each buyer will pay at every quantity.
• B) add the quantities that each buyer will purchase at every price.
• C) give up because there is no way to find the market demand.
• D) average the price each buyer is willing to pay for each given quantity.
• E) multiply the price times quantity for each buyer and then add the resulting products together.

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Definitions:

Memory

A cognitive process involving the encoding, storage, and retrieval of information.

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A distressing physical and emotional sensation linked with real or possible harm to body tissues.

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A basic human emotion induced by a perceived threat, which causes a change in brain and body function.

Romantic Partner

An individual with whom one shares a significant romantic and often sexual relationship.